Compensation

Having an attractive and competitive compensation package can mean the difference between attracting the talent or losing the talent to the competition. Understanding what the market is paying for equivalent positions to your organization can bring structure to your compensation strategy.

CMCG has successfully reviewed many organizations' compensation practices in various industries focusing on various roles. Our skill in this area will bring the structure needed to properly plan for new hires, increases, promotions, career development and succession planning within your organization.

Job Analysis

Job analysis is the process of collecting accurate information regarding each role within the organization on which job descriptions are then based. The process provides job information which summarizes the knowledge, skills and abilities required for each role. Obtaining this information can be done through observation, employee interviews, and/or questionnaires to ensure an accurate depiction of the roles.

The biggest mistake organizations make in this area is failing to analyze the position rather than the person currently in the role.

Job Evaluation & Banding

The purpose of a job evaluation is to determine the relative contribution made by each job in the organization towards its success so that each role can be compensated accordingly. The output of this process is a hierarchy of jobs where all jobs with a similar "value" are located at the same level. This job hierarchy becomes the foundation for developing pay grades and ranges known as banding.

The evaluation process requires a full and accurate understanding of the jobs, deciding how many pay grades are wanted within the organization, what method is most appropriate and what calculation process will be used is how CMCG will partner with you for success.

Incentive Plans

Base pay should not be the only factor to consider as compensation as there are many options for a creating a full renumeration package. Short term incentives (STI) and long term incentives (LTI) are the best way to keep compensation levels competitive while paying for performance that contributes positively to the organization.

Understanding the short and long term goals of the organization can be the basis of designing incentive plans for the employees to ensure performance levels match the desired outcome.

STI's tend to be individually based and can include; bonuses, piece rates, commission and merit pay where LTI's tend to be group or organizationally based with bonuses and stocks being the most common formats.

CMCG will work with you to create an incentive program that makes sense for your business and your employees.

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Compensation